instead of being employed at a printing company at a salary of $25,000 per year, sally starts her own printing firm. rather than renting a building that she owns to someone else for $10,000 per year, she uses it as the location for her company. her costs for workers, materials, advertising, and energy during her first year are $125,000. if the total revenue from her printing company is $155,000, her total economic profit is

She uses a facility she owns as the headquarters for her business rather than renting it out for $10,000 a year to someone else. Her first year's expenses for personnel, supplies, marketing, and energy total $125,000. If her printing business generates $155,000 in revenue overall, she will have a total loss of $5,000.

Which of the following is true for a business that is totally competitive but not for Monopoly?

The price of the company's good on the market cannot be changed. A single company cannot control the market price in an environment where there is perfect competition. In a market with perfect competition, assertion b. is accurate.

Where does production occur when a competitive corporation seeks to maximize short-term economic profits?

As a result, when a company sets an output level where its marginal revenue and marginal cost are equal, its profits are maximized. Consider the business that creates a single good with just two inputs—labor and capital—again to demonstrate the idea of profit maximization.

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